The Board of Trustees of the Vanguard Explorer Fund has named Century Capital Management, LLC, as the seventh advisor to the $11 billion fund. This will be the first mandate that Century Capital, an independent, Boston-based investment advisory firm, has managed for Vanguard.
"Explorer Fund has long benefited from the multi-manager approach," said Vanguard Chairman and CEO John J. Brennan, in a prepared statement. "We're pleased to welcome Century Capital as an advisor to the fund and add them to our roster of outstanding investment advisory firms." The Vanguard Explorer Fund has been closed to new investors since February 2006, and additional purchases by current shareholders are capped at $25,000 annually per fund account.
Vanguard Explorer Fund seeks long-term capital appreciation using a multi-manager approach that provides exposure to a broad universe of small-company growth stocks. Century Capital will initially manage a relatively modest portion of the fund's assets, Vanguard said. Lanny Thorndike, Chief Investment Officer of Century Capital, will serve as portfolio manager.
